Despite the recent bearish market, Cardano seems undeterred and continues showing signs of activity. This dip might be a perfect opportunity to buy ADA before its market price eventually rises. There are several types of activities that show Cardano’s resilience and persistence despite the cryptocurrency market dipping.
Firstly, the Vasil hardfork is an update that’s slated for June – a huge upgrade bringing massive performance improvements to Cardano. Founder Charles Hoskinson claims that many users and dApps will contribute to increased ADA TVL once the update drops. Hoskinson shows no signs of being nervous about Cardano’s future.
Secondly, just a few days ago from writing, IOHK announced that Cardano has nearly 900 projects in development. This is a significant increase since the last update in March when Vice President Tim Harrison revealed Cardano had only 500 projects in development.
Thirdly, despite the bearish market this April, Cardano users reached a milestone of 74% ADA staked. This means, thousands of users staked almost $23 billion worth of ADA over the past two years among 3,000 active pools. Cardano supporters rejoiced at the news.
Also, in March Charles Hoskinson announced that Cardano had “millions of native assets and hundreds of dApps”. The tweet was put into the context of Hoskinson calling back to an old tweet where he predicted a much lower number of assets and dApps. Again, Hoskinson shows determination and stubbornness in pushing ADA.
More so, in February the number of wallets holding ADA increased significantly to more than 3 million. In detail, December 2020 showed 186,000 wallets holding ADA; and as of Q1 of 2022, that number rose to 3,200,000 wallets. This is an increase of 1,600%.
All of these activities show that Cardano is brimming with activity. Most importantly, if Hoskinson’s confidence is to be followed, this activity will only increase once June comes along. We’re seeing how much Cardano is growing as statistics keep pooling in – number of wallets, % of ADA staked, the number of dApps and projects, etc.
Now might be the best time to buy ADA before June comes along.
At the time of writing, ADA trades at a price of just under $1 with a decline rate of 1.9% over the past 7 days. It has a market capitalization of over $29 billion and a 24-hour trading volume of over $824 million.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
